Zacks Investment Research upgraded shares of Molson Coors Brewing Co. (NYSE:TAP) from a hold rating to a strong-buy rating in a report released on Tuesday. The brokerage currently has $125.00 price target on the stock.
According to Zacks, “Estimates have been rising as Molson Coors is close to acquiring full stake in MillerCoors as the merger deal between Ab InBev and SABMiller moves ahead with shareholders’ approval. The deal is encouraging after the company posted weaker-than-expected earnings in the second quarter of 2016. We note the company is facing macro-economic headwinds ahead. Molson Coors’ profits have been impacted by unfavorable foreign currency movements and lower volumes owing to weak consumer demand. The termination of business contracts in the U.K. and Canada has also hurt sales. Nevertheless, we believe that the company’s cost-savings initiatives and increased marketing investments have the potential to drive volumes.”
Several other research analysts also recently commented on TAP. Susquehanna reiterated a buy rating and issued a $130.00 target price on shares of Molson Coors Brewing in a report on Tuesday, June 7th. Stifel Nicolaus reiterated a buy rating and issued a $134.00 target price (up previously from $119.00) on shares of Molson Coors Brewing in a report on Sunday, June 12th. Bryan, Garnier & Co upgraded shares of Molson Coors Brewing to a buy rating in a report on Friday, July 8th. Finally, Citigroup Inc. upgraded shares of Molson Coors Brewing from a neutral rating to a buy rating and lifted their target price for the stock from $101.00 to $115.00 in a report on Friday, July 29th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $118.88.
Molson Coors Brewing (NYSE:TAP) opened at 108.29 on Tuesday. The firm has a 50-day moving average of $103.61 and a 200-day moving average of $99.83. The stock has a market capitalization of $23.26 billion, a PE ratio of 56.14 and a beta of 0.88. Molson Coors Brewing has a 52-week low of $78.17 and a 52-week high of $111.24.
Molson Coors Brewing (NYSE:TAP) last announced its earnings results on Tuesday, August 2nd. The company reported $1.11 EPS for the quarter, hitting the consensus estimate of $1.11. The firm had revenue of $986.20 million for the quarter, compared to the consensus estimate of $970.25 million. Molson Coors Brewing had a net margin of 7.54% and a return on equity of 8.21%. The business’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.41 EPS. On average, equities analysts expect that Molson Coors Brewing will post $3.50 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a dividend of $0.41 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.64 annualized dividend and a dividend yield of 1.52%. Molson Coors Brewing’s dividend payout ratio (DPR) is currently 88.65%.
In other news, Director Andrew Thomas Molson sold 1,173 shares of Molson Coors Brewing stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $99.49, for a total transaction of $116,701.77. Following the sale, the director now directly owns 6,834 shares in the company, valued at approximately $679,914.66. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Krishnan Anand sold 1,869 shares of Molson Coors Brewing stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $102.00, for a total transaction of $190,638.00. Following the sale, the chief executive officer now owns 26,777 shares in the company, valued at $2,731,254. The disclosure for this sale can be found here. Insiders own 2.53% of the company’s stock.
Several hedge funds have recently modified their holdings of TAP. CENTRAL TRUST Co raised its stake in shares of Molson Coors Brewing by 1,000.0% in the second quarter. CENTRAL TRUST Co now owns 1,100 shares of the company’s stock valued at $111,000 after buying an additional 1,000 shares during the period. Park Avenue Institutional Advisers LLC increased its position in shares of Molson Coors Brewing by 12.0% in the first quarter. Park Avenue Institutional Advisers LLC now owns 1,144 shares of the company’s stock valued at $110,000 after buying an additional 123 shares in the last quarter. Global X Management Co. LLC increased its position in shares of Molson Coors Brewing by 68.2% in the second quarter. Global X Management Co. LLC now owns 1,401 shares of the company’s stock valued at $142,000 after buying an additional 568 shares in the last quarter. Alpha Cubed Investments LLC purchased a new position in shares of Molson Coors Brewing during the second quarter valued at about $202,000. Finally, Parametrica Management Ltd purchased a new position in shares of Molson Coors Brewing during the second quarter valued at about $203,000. Institutional investors and hedge funds own 77.65% of the company’s stock.
Molson Coors Brewing Company Profile
Molson Coors Brewing Company (MCBC) is a holding company that operates as a brewer. The Company has a portfolio of brands, including Carling, Coors Light, Molson Canadian and Staropramen, as well as craft and specialty beers, such as Blue Moon, Creemore Springs, Cobra and Doom Bar. The Company operates through four segments: Molson Coors Canada (MCC or Canada segment); MillerCoors LLC (MillerCoors or U.S.
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